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Do you think I will qualify for this home loan?

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bignateyk

Lifer
I am just starting to think about building a house (looking to move in ~september 2010). Haven't found out exactly how much I am eligible for, but it is on my list of things to do.

I am also looking at builders and some floor plans. I make ~60K, and my soon to be wife makes ~50K. She has $0 monthly debt, and I have $550 between car and student loans.

Looking to get a house+land at around $220,000, and a 15 year loan of about $190-200K with a 20-30K downpayment.

Do you think we will qualify (in the current lending fiasco)?
 
Originally posted by: bignateyk
I am just starting to think about building a house (looking to move in ~september 2010). Haven't found out exactly how much I am eligible for, but it is on my list of things to do.

I am also looking at builders and some floor plans. I make ~60K, and my soon to be wife makes ~50K. She has $0 monthly debt, and I have $550 between car and student loans.

Looking to get a house+land at around $220,000, and a 15 year loan of about $190-200K with a 20-30K downpayment.

Do you think we will qualify (in the current lending fiasco)?
Click to expand...

You will be fine, but you will have PMI with anything < 20% down.
 
Originally posted by: Ocguy31
Originally posted by: bignateyk
I am just starting to think about building a house (looking to move in ~september 2010). Haven't found out exactly how much I am eligible for, but it is on my list of things to do.

I am also looking at builders and some floor plans. I make ~60K, and my soon to be wife makes ~50K. She has $0 monthly debt, and I have $550 between car and student loans.

Looking to get a house+land at around $220,000, and a 15 year loan of about $190-200K with a 20-30K downpayment.

Do you think we will qualify (in the current lending fiasco)?
Click to expand...

You will be fine, but you will have PMI with anything < 20% down.
Click to expand...

Yeah. If we don't have to get the loan until next summer we will have >20% for a downpayment, but more than likely, the builder will want money at least 6-8 months before we move in, so i doubt we will come up with enough by then.

edit: unless we got a separate loan for the house and the lot, if that's possible since they are from different sellers.
 
Me and my wife make the same as you two and we took a loan out for 15yrs at 5.15% We had 40% down but with land taxes it came to around $1500 on what we took out in a loan. We had no debt besides the house and live life the way we want and do what we want. Dont take it the wrong way we are not big spenders but when we earn a vacation we take it to keep sain. Try to keep it all (car, house, SL..... ect) under 31% of your income or you will be living for the house and the house only. Not good if something comes up!

Oh sorry we are around 27% after take home and fine.
 
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